Some readers may have made a small fortune through holding Bitcoin but I suspect that, even after its 60pc fall since the peak, many more wish that they had joined them. It is easy to cry over missed investment opportunities. But what should we make of the Bitcoin phenomenon? And what about its future prospects?
Part of the confusion about Bitcoin, and other cryptocurrencies, derives from assuming that enthusiasm about using such novel instruments as a means of payment and a facilitator of exchange naturally implies that Bitcoin will be a good store of value.